New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-04
MONEY And BUSINESS.

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MONEY And BUSINESS
The stock market is no longer watcrloggcd.
os it was for six weeks. but moves forward as
if scanty bank reserves and an Interstate
Commerce bill were blessings of the choicest
variety Tho belief Is almost universal that
money is going to be easy until next fall. The
railroads seem to have persuaded themselves
that the Interstate Commerce bill was drawn
| for their especial benefit, and can only mean
an increase of 40 per cent, moro or less. IN
gross earnings on the same cost of trmsporta
ton. But ii is generally safe not to rush to
extremes If the Street had taken 1T Tor
granted that nobody could make money tight
this spring. and had not fortified itself by an
unusual supply Of time loans, it is now evident
! that there would have been snarl. II the
railroads had not been quite so positive that
the Interstate Commerce bill would land a
good many of them in bankruptcy, it would
be easier to accept the later idea that the bill
is going to lift bankrupt roads into the list
of dividend payers.
April settlements lave passed, and with re
remarkably little friction, considering that
dividend payments ut Boston alone amounted
to S12.G62.OlS, against $7OGl Ill at the
same date last year, partly owing to $4,000 900
capital payments for the Oregon Navigation
and to some others Of like character. The
demand for money to move products before
the Interstate Commerce bill goes into effect
| is practically over, so that a return OF funds
to this centre should soon begin in the ordi-
nary course Of events. But it is suggested by
1.-THE Financial Chronicle " that the outward
movement Of money has not been of the or1i
nary sort but like the movement in 1850, which
was noteworthy because no return OF funds
TO this market came at the usual period, Is
rather filling of the expanding channels OF
circulation throughout the country because
business has revived. TO this suggestion,
which has force so far as an actual increase
in business has called for an increase in the
volume Of active currency in the interior. II
| is TO be aided that the Treasury has added
| $ii 100000 If silver notes TO the circulation
since August last II there should be com
parativcy little return of currency during the
coming season. it would Indicate that the re
viyal of business had been real and general,
and that the new small notes had. so TO spcal,
made work for themselves 10y an expansion
in retail prices.
The remarkable volume Of transactions in
March was not fully natural. Thousands Of
dealers have taken stocks which they expect
they are going to want. because the cost Of
transportation was likely to rise. If con
sumcrs would corrcspondingly hasten their
purchases settlements would come around In
the usual time. But there is always n possibll
| itv that dealers have oycrgucSScd the markets,
and taken for distribution more than consumers
want. Tho movement from primary markets
NAV naturally fall off after the lvancc in ratios.
and the reaction will be felt the more because
! of the recent activity.
! Last week stocks advanced about 81 per
share closing Mt an average of 500 ~, against
SjS - at the same time last year, an advance
of 20 per cent. Prices arc now not \ per cent
below the highest point in December. The
general advance in rail rates at the South, from
the West. and from anthracite mines, promises
largo earnings for the companies, provided
shipments do not decrease. but that is large
"if" At present the roads arc getting nearly
the % cents agreed for grain eastward, but
unless the Interstate Commission mobiles the
long and short haul clause, trunk lines will find
water competition serious this summer. The
general tendency of prices has been downward.
though wheat and oil stick where they stood
week ago ; corn, oats, hogs, pork, butter, coal.
iron. copper and tin arc all little lower than
week ago, while coffee is three cighths and
cotton q quarter higher, speculation in the
latter having swclcd fictitious sales to more
than / 100. 900 bales in single week.
During the last week the Treasury took in
So. 100000 gold and paid out $500 600
moro silver certificates and 81, 100000 more
legal tenders. The banks surrendered
So 27S 200 Of their bonds for circulation, and
this with large Treasury receipts made the
gold reserve Of the Treasury grow stronger
Abundant money at London, with continued
purchases of American securities, and exports
exceeding by Is per cent for the month those
Of March. 1856, against an increase of 4.3 per
cent in imports, render monetary pressure
less likely than it has been. or the general
courso Of business the consumption of anthra-
cite is mentioned as an indication. 1t was
pcr cent greater for January and February than
| for the same months last year, and the output
was about . per cent greater in March. Bnt
the desire TO make shipments before the change
of rates swclcd the March business, and for
the coal companies and transportcrs generally
the future is to some extent IN unsOlvcd riddle.
1t can only be said that the prospects are much
more favorable than they were.
have been b. ought to light in Brooklyn. Are the
afuh.